Canadian Bankers Association

The Canadian Bankers Association is organization representing over 50 banks operating in Canada including chartered Canadian banks, foreign bank subsidiaries and foreign bank branches doing business in Canada. The goals of the Canadian Bankers Association are to popularize the role of the Canadian banking industry amongst Canadians, to serve its members with research and operational support and to support development of public policy on financial services.

The Canadian Bankers Association was created in 1891, which makes it the oldest industry association in Canada. The Canadian Bankers Association is headquartered in Toronto, Ontario. The top 5 Canadian banks – RBC Royal Bank, BMO Financial Group, The Bank of Nova Scotia, TD Bank Financial Group and CIBC are all members of the Canadian Bankers Association.

What does CBA do?

Some of the main tasks of the Canadian Banking Association are to protect the interests of the banks' employees and to ensure that the policies of the federal government prove healthy and supportive for the banking sector. Among other things, CBA has also assumed a responsibility to educate the banks' customers with regards to the basic principles of the banking industry in Canada. For example, CBA provides the Canadian citizens and permanent residents with information about how they could protect themselves against identity theft and other frauds such as credit and debit card fraud, fraudulent phone calls and email frauds. The Canadian Banking Association informs citizens about the type of bank account that will best meet their banking needs. They can find information about the different ways of banking available in Canada and how credit and mortgage work. As to bank savings, one can learn about guaranteed investment certificates (GICs) and how they work, how to make education savings in the name of his or her children, and how to set up a tax-free savings account or launch a registered retirement savings plan (RRSP). Being the sole representative of all banks operating in Canada, it naturally follows that CBA is dedicated to help its costumers resolve problems with their banks by following a step-by-step process. By contacting CBA, one could also find valuable information about small business banking services and business banking codes of conduct, as well as a full schedule of bank holidays. On a broader scale, the Canadian Banking Association has taken a commitment to increase the financial literacy of the Canadian people and provide them with a broader range of savings options, fight money laundering and tax frauds, and upgrade the existing retirement system in the country.

Governance and Organization

CBA's activities are governed by an Executive Council chaired by Ms. Barbara Stymiest, who is also responsible for CBA's corporate strategy and development, and her name also appears on a number of corporate boards. CBA's President and CEO is Ms. Nancy Hughes Anthony, and as such, she is the mouthpiece of the whole banking sector in the country, constantly contributing to the sustainable development of the Canadian banking system. Banks that cooperate with and contribute to the activities of the association are such operating across the country, with 22 domestic banking institutions, 22 full-service foreign banks, and 26 foreign subsidiary branches. They have active distribution networks in the USA, Asia, Latin America, the Caribbean, and other regions around the globe. These institutions manage assets in the amount of about $2.9 trillion. Banking institutions and their employees contribute to many initiatives in the fields of education, culture, arts, and youth programs.